(The following statement was released by the rating agency)
BANGKOK/SINGAPORE, April 22 (Fitch) Fitch Ratings (Thailand) Limited has
assigned Noble Group Limited's (Noble) THB2.85bn guaranteed bonds due 2016 a
final National Long-Term rating of 'AAA(tha)'. The bonds, which are guaranteed
by Credit Guarantee and Investment Facility (CGIF), have a Stable Outlook.
The assignment of the final rating follows the receipt of documents conforming
to information already received and the final rating is the same as the expected
rating assigned on 5 April 2013.
Key Rating Drivers
Guarantee from CGIF: The rating of the bonds reflects the unconditional and
irrevocable guarantee of scheduled payments of interest and principal provided
by CGIF. In Fitch's view, CGIF's credit profile is stronger than Thailand's
Long-Term Local Currency IDR of 'A-', which is equivalent to 'AAA(tha)' on the
National rating scale. The bonds are, therefore, rated at 'AAA(tha)'.
Risk from acceleration: The bondholder representative may demand payment under
the guarantee only upon the occurrence of a non-payment event under the bonds.
The bondholder representative has the right to accelerate the bond payments
against the issuer upon an occurrence of any event of default. However, if the
bondholder representative exercises this right, CGIF will no longer be obligated
to make payments under the guarantee.
Currency risk: There exists the risk that the bondholders may not receive
payment in Thai baht under the guarantee, if the guarantor determines that it is
impossible or impracticable or that it is unable on commercially reasonable
terms and in accordance with its policy to obtain Thai baht to fund the bond
payment. In this event, CGIF may make the payment with an equivalent amount in a
substitute currency, which is the US dollar.
Established as a trust fund of Asian Development Bank (ADB) in November 2010,
CGIF provides financial guarantee insurance to corporate bonds issued in the
Association of Southeast Asian Nations (ASEAN), plus Japan, China and Korea, to
protect investors against default. CGIF's capital contributors include the ASEAN
as well as the ADB, China, Japan and Korea.
Negative: Future developments that may, individually or collectively, lead to
- deterioration in CGIF's credit profile relative to Thailand's Long-Term Local
Positive: No positive action is expected as the rating is at the highest of the
National rating scale 'AAA(tha)'
For more information on Noble's ratings, see credit update report on Noble,
dated 6 February 2013, available at www.fitchratings.com.
+66 2108 0158
Fitch Ratings (Thailand) Limited
Level 17, Park Ventures, 57 Wireless Road, Lumpini, Patumwan,
+66 2108 0160
+612 8256 0325
Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email:
Note to Editors: Fitch's National ratings provide a relative measure of
creditworthiness for rated entities in countries with relatively low
international sovereign ratings and where there is demand for such ratings. The
best risk within a country is rated 'AAA' and other credits are rated only
relative to this risk. National ratings are designed for use mainly by local
investors in local markets and are signified by the addition of an identifier
for the country concerned, such as 'AAA(tha)' for National ratings in Thailand.
Specific letter grades are not therefore internationally comparable.
Additional information is available at www.fitchratings.com.
Applicable criteria, 'Corporate Rating Methodology', dated 8 August 2012, and
'National Ratings Criteria', dated 19 January 2011, are available at
Applicable Criteria and Related Research
Corporate Rating Methodology
National Ratings Criteria
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